February, 2015
O R D E R
Petition filed under Section 438 Cr.P.C.
2. Petitioner is the accused in Crime ... Section
12 read with Section 20 of the Kerala Protection of River
Banks and Regulation of Removal of Sand Act, 2001 and
Section 50B read
took us through definition
of slump sale as mentioned in section 2(42C) of the Act and submitted that
when assessee has raised separate bills ... consideration without assigning value of individual assets, therefore, benefit of
section 50B of the Act is available to the assessee company but this explanation
could
liability) (511.98 lakhs)
3.4. According to the Assessing officer, as per section 50B(1) any profits or
gains arising from the slump sale effected ... values being assigned to the individual assets
and liabilities. And what section 50B makes chargeable to capital gains, is the
difference between slump price
assessee,the AO called for information from
DDCL and CIBA India under sec.131 of the Act.He directed them to furnish details of written ... report prepared by an accountant in accordance with the provisions of sec.50B of the Act. On
perusal of the same,he found that
undertaking at Valia while calculating long
term capital gains u/s 50B . There is no mandate available to the learned
AO to adjust ... worth of the unit sold u/s 50B . Thus the said
reduction made by the learned AO, on a without prejudice basis
C.C.E., Lucknow vs M/S. B.K. Cement Pipe Manufacturing Co on 26
which the assessee treated as ''Slump Sale'' u/s. 50B. Proceedings
u/s.263 was initiated and the CIT-III vide
been paid along with interest. The learned C.A. cites provisions of Section 80 of the Finance Act, 1994 saying that there was no clarity ... would be covered the expression of commercial concern as appeared in Section 65(50b) of Finance Act, 1994.
4. The facts on the record
deduction u/s 80IBon
the profits earning from the manufacture and sales of Protection
Relays. As per Audit report on Form 10CCB, the deduction ... Capital Loss of Rs.5,18,773/- as per
Certificate u/s 50B of the Act. Sub-section 12 of Section 80IB provides
"Where
carriage as per Section 65 (105) (zzp) of the Finance Act, 1994. As per Section 65 (50b) ibid Goods Transport Agency means any commercial concern
